Partnering with RE Agent in Wholesaing

[Uneeq Khan]

I'm just starting as a wholesaler. I spoke to a realtor about this and he was interested in partnering with me. Never been clear on laws regarding assignments in NJ so I was planning on doing double close. He told me I can do assignments with him since he's a realtor and there would be no legal issues. So I would do all the work and he'd just handle the transaction. He also said that he would also fund the double close if we wanted to do that since he can get up to 10 million in funding. My question are;

1) Would the assignment contracts be different if there's a realtor involved?

2) based on his involvement, just completing the transaction, for assignment, how much should be split with him? I would do ALL the work, except for the transaction.

3) if we did a double close, and he also provided funding, what should the split be then?

Thanks for the advice

[Account Closed]

@Uneeq Khan 

Don't pay someone a business partner's cut to perform a fairly commoditized service that can be provided to you for a lower fee. 

Writing an offer letter, coordinating a transaction, and receiving transactional funding are all pretty inexpensive services. 3rd party transaction coordinators will manage the escrow for about $300 bucks per transaction. Transactional funding costs about 1-1.5% of the AB transaction purchase price. 

Someone who takes a real cut of your business should not only perform tasks, but be a significant factor in the growth and development of the business.